pter 12 (3) On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of 10%, receiving $743,625. Interest is payable semiannually on March 1 and September 1. Journalize the entries to record the following selected transactions for the current year. Mar. 1 Sold the bonds Sept. 1 Made first interest payment and amortized premium for six months using the straight-line method. JOURNAL PAGE POST REF DEBIT CREDIT DESCRIPTION